CBI seizes Srinivasan's cars

Mar 23, 2013, 02:25 IST
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Agencies

The Board of Control for Cricket in India (BCCI) president, N Srinivasan is in trouble, but not for cricketing reasons. The CBI has seized 11 imported cars belonging to the Chennai business tycoon for allegedly evading tax on those imported vehicles, according to report in CNN-IBN.

Sources said the CBI not only raided the residence of the BCCI chief, but also the chancellor of a medical college, several other businessmen and MGM Group of Companies.

N Srinivasan

Seven cars were seized from the Chancellor of Sri Ramchandra Medical college, five from GK Shetty Ramanna, two each from Raja Shankar and the MGM Group of companies and one from the owner of JRA Towers group.

The car scam is believed to be one of the biggest of its kind in India. According to the investigating agency, officials of the Directorate of Revenue Intelligence are also involved in the scam, for which the government has incurred a loss of around Rs 50 crore.

The CBI seized more than 30 cars after raids across Tamil Nadu. These raids were carried out at the houses of several DRI officials and the alleged mastermind of the racket, Alex Joseph, who has evaded arrest.